HomeMy WebLinkAboutPR 11645: $5 MIL. CERT. OF OBLFINANCE DEPARTMENT
DATE:
TO:
FROM:
RE:
1/25/2002
NDEP. ZIILL, ~,'~"mOv~chv F4',N AN CE
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p.IL 11645
On January 15, 2002, the City Council adopted Resolution 02-14 wb2ch authorized the EDC to
finance the Business park through a Cert?ficates of Obligation issue. The City will issue the
Certificates and the EDC will fund the debt service payments from Sales Tax Revenue through an
interlocal agreement.
P.R. 11645 authorizes the required publication of the notice o£Lntent to sell the Certificates. The
EDC ~ be asked to approve the interlocal agreement at theix February 12, 2002 meeting. The
Certificates will be sold on March 5, 2002.
Z:\jEiqNiFF2K\ OFFiCI~\ILESOLUTIOFI s\CAM-PR 11645 $5M COS.DOC
P.R. 11645
JJA 1/24/02
RESOLUTION NO.
RESOLUTION AUTHORIZING PUBLICATION OF NOTICE
OF INTENTION TO ISSUE $5,000,000 IN CERTIFICATES OF OBLIGATION
WHEREAS, the City Council of the City of Port Arthur, Texas (the "City"), deems it
advisable to issue certificates of obligation of the City in accordance with the notice hereinafter set
forth; Now, Therefore
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF PORT ARTHUR:
Section 1. The facts and recitations contained in the preamble of this resolution are
hereby found and declared to be true and correct.
Section 2. The City Secretary is hereby authorized and directed to cause to be published
in the manner required by law and in substantially the following form, a notice of intention to issue
certificates of obligation:
NOTICE OF INTENTION TO ISSUE CERTIFICATES OF OBLIGATION
NOTICE IS HEREBY GIVEN that the City Council of the City of Port Arthur, Texas (the
"City"), will meet at the City Hall, 444 Fourth Street, Port Arthur, Texas, at 8:30 a.m. on the 5th day
of March, 2002, which is the time and place tentatively set for the passage of an ordinance and such
other action as may be deemed necessary to authorize the issuance of the City's certificates of
obligation in the maximum aggregate principal amount of $5,000,000, payable from ad valorem
taxation and from a pledge of a subordinate lien on the net revenues of the City's waterworks and
sewer system, bearing interest at any rate or rates not to exceed the maximum interest rate now or
hereafter authorized by law, as shall be determined within the discretion of the City Council at the
time of issuance and maturing over a period of years not to exceed thirty (30) years from the date
thereof, for the purpose of evidencing the indebtedness of the City for all or any part of the cost of
water and sewer facilities and street and drainage improvements to serve the Port Arthur Business
Park, and the cost of professional services incurred in connection therewith.
WITNESS MY HAND AND THE OFFICIAL SEAL OF THE CITY, this 5th day of
Febmary, 2002.
(SEAL)
Acting City Secretary
City of Port Arthur, Texas
Section 3. The notice set forth in Section 2 above shall be published in both English and
Spanish once a week for two (2) consecutive weeks in a newspaper which is of general circulation
in the City, the date of the first publication to be at least fifteen (15) days before the date tentatively
set in said notice for the passage of the resolution authorizing the issuance of such certiftcates of
obligation.
Section 4. The Mayor, City Secretary, and other officers and agents of the City are
hereby authorized and directed to do any and all things necessary or desirable to carry out the
provisions of this resolution.
Section 5. This resolution shall take effect immediately upon its passage.
Section 6. The NOTICE OF MEETING relating to this meeting and heretofore posted
by the City Secretary, and the posting thereof, are hereby authorized, approved, and ratified
READ, ADOPTED, AND APPROVED, this 5th day of February, 2002, AD, at a Regular
Meeting of the City Council of the City of Port Arthur, Texas by the following vote:
AYES: Mayor Ortiz.
Councilmembers:
NOES:
ATTEST:
Mayor
Acting City Secretary
(SEAL)
APPROVED A8 TO FORM:
City Attorney
APPROVED FOR ADMINISTRATION:
Manager
Finance Director